Fraudulent Debt Relief Companies

Fraudulent Debt Relief Companies

Fraudulent Debt Relief Companies

Numerous companies promise cash-strapped consumers that they will negotiate with credit card companies to lower their balances. Often these companies fail to perform.

These companies pocket their fees and leave consumers even further in debt, with wrecked credit ratings, and facing the possibility of bankruptcy. Additionally, many of these companies charge fees and expenses that are excessive and exceed the amount permitted by state and federal law. These are companies I would stay away from. Consider the companies recommended on this website.

For example, Kershaw, Cutter & Ratinoff  investigates companies they receive complaints of fraudulent activities. Among the companies they have investigated are:

Freedom Debt Relief
American Debt Foundation, Inc.
American Financial Service
Consumer Debt Solutions
Credit Answers L.L.C.
Debt Remedy Solutions, L.L.C.
Debt Settlement America
Debt Settlement USA
Debtmerica Relief
DMB Financial L.L.C.
New Era Debt Solutions
New Horizons Debt Relief, Inc.
Preferred Financial Services, Inc.
U.S. Financial Management, Inc., also known as My Debt Negotiation
Allegro Law

Do your homework
Facing mounting bills can be frightening, but getting debt relief is not a decision that should be based on hearing a radio commercial or getting a sales call. You want to find an organization that will design a debt relief plan specifically for you.
Shop around. Compare a couple of services and get a feel for how they operate. The credit counselor should spend at least 20 to 30 minutes with you in order to get a complete picture of your finances. If they don’t do that, you’re not really getting any counseling.
Ask a lot of questions and get those answers in writing. Find out about the fees.  If the agency is vague or reluctant to talk about fees, go someplace else.
Don’t rely on names or the claim of a non-profit status. Check them out with the Better Business Bureau or your local consumer protection office.  First try the resources recommended on this website. These are companies that my clients have had good results with over the past ten years. Let me know your experiences. Contact me if you have any questions. I’m here to help you! Sign up for my latest email alerts.



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